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Sunshine Oilsands ( (HK:2012) ) just unveiled an update.
Sunshine Oilsands Ltd. has entered into a placing agreement with Cheer Union Securities Limited to issue up to 114.28 million new shares, representing about 20% of its existing share capital, at HK$0.36 per share to at least six independent institutional or professional investors in Hong Kong. The placement, priced at a discount to recent market prices and expected to raise up to HK$41.1 million before expenses, will modestly dilute existing shareholders but is viewed by the board as fair, on normal commercial terms, and in the overall interests of the company and its investors by strengthening its capital base.
The most recent analyst rating on (HK:2012) stock is a Hold with a HK$0.48 price target. To see the full list of analyst forecasts on Sunshine Oilsands stock, see the HK:2012 Stock Forecast page.
More about Sunshine Oilsands
Sunshine Oilsands Ltd. is a Calgary-based energy company incorporated in Alberta and listed on the Hong Kong Stock Exchange. The company operates in the oil sands sector, focusing on the exploration and development of bitumen resources, with its shareholder base and capital market activities centered in Hong Kong and North America.
YTD Price Performance: -31.03%
Average Trading Volume: 4,658,588
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$228.5M
See more insights into 2012 stock on TipRanks’ Stock Analysis page.